What is the significance of November 10 in Vietnam? What are the standards and conditions for a chief accountant in Vietnam?

What is the significance of November 10 in Vietnam?

International Accounting Day is an official celebration for all accountants and is held annually on November 10 worldwide. On November 10, 1494, the book titled: Summa de Arithmetica, Geometria, Proportioni et Proportionalita, which can be translated as "Summary of arithmetic, geometry, proportions and proportionality", was published in Venice, marking the beginning of International Accounting Day.

This was the first book to summarize mathematical knowledge as well as double-entry bookkeeping of that time. The author of the book is the Italian mathematician Luca Pacioli, also known as the "Father of Accounting."

International Accounting Day on November 10 is a day for those in the accounting profession to look back on their achievements and contributions, both as individuals and as part of the overall growth of the accounting industry in the general development of society.

Thus, November 10 annually is International Accounting Day.

What is the significance of November 10 in Vietnam? What are the standards and conditions for a chief accountant in Vietnam?​ (Image from the Internet)

What are standards and conditions for a chief accountant in Vietnam?

Based on Article 54 of the Accounting Law 2015 stipulating the standards and conditions for chief accountants:

Article 54. Standards and conditions for chief accountants

1. A chief accountant must meet the following standards and conditions:

a) The standards specified in Clause 1, Article 51 of this Law;

b) Have expertise and professional knowledge in accounting from an intermediate level or higher;

c) Hold a chief accountant training certificate;

d) Have at least 2 years of practical experience in accounting for those with expertise and professional knowledge in accounting from a university degree or higher, and at least 3 years of practical experience in accounting for those with expertise and professional knowledge in accounting at the intermediate or college level.

2. The Government of Vietnam shall specify in detail the standards and conditions for chief accountants appropriate to each type of accounting unit.

Thus, a chief accountant must meet the following standards and conditions:

- Possess professional ethics, honesty, integrity, and a conscious compliance with the law

- Have expertise and professional knowledge in accounting

- Possess expertise and professional knowledge in accounting from at least an intermediate level

- Hold a chief accountant training certificate

- Have at least 2 years of practical experience in accounting for those with expertise and professional knowledge in accounting from a university degree or higher, and at least 3 years for those with expertise and professional knowledge in accounting at an intermediate or college level.

What are rights of the chief accountant of a public service provider using the state budget in Vietnam?

Based on Article 55 of the Accounting Law 2015 stipulating the responsibilities and rights of a chief accountant:

Article 55. Responsibilities and rights of a chief accountant

1. A chief accountant holds the following responsibilities:

a) Implement regulations of the law on accounting and finance within the accounting unit;

b) Organize and manage the accounting system as stipulated by this Law;

c) Prepare financial reports in compliance with accounting policies and standards.

2. A chief accountant has the right to independence in accounting expertise and profession.

3. A chief accountant of a state agency, organization, public service provider using the state budget, and enterprises with over 50% of charter capital held by the state, in addition to the rights specified in Clause 2 of this Article, also has the following rights:

a) Provide written opinions to the legal representative of the accounting unit concerning the recruitment, transfer, promotion, reward, and discipline of accountants, warehouse keepers, and treasurers;

b) Request related departments within the accounting unit to fully and promptly provide documents related to the accounting work and financial supervision of the chief accountant;

c) Retain written professional opinions when they differ from those of the decision-maker;

d) Report in writing to the legal representative of the accounting unit upon detecting legal violations in finance and accounting within the unit; if required to comply with a decision, report to the immediate superior of the decision-maker or to the competent state body and bear no responsibility for the consequences of executing that decision.

Thus, a chief accountant of a public service provider using the state budget has the following rights:

- Independence in accounting expertise and profession

- Provide written opinions to the legal representative of the accounting unit concerning the recruitment, transfer, promotion, reward, and discipline of accountants, warehouse keepers, and treasurers

- Request related departments within the accounting unit to fully and promptly provide documents related to the accounting work and financial supervision of the chief accountant

- Retain written professional opinions when they differ from those of the decision-maker

- Report in writing to the legal representative of the accounting unit upon detecting legal violations in finance and accounting within the unit; if required to comply with a decision, report to the immediate superior of the decision-maker or to the competent state body and bear no responsibility for the consequences of executing that decision.